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Financial Outlook for the Metropolitan Transportation Authority

Report Details

Submitting OIG: 
New York State Comptroller
Report Description: 
The Metropolitan Transportation Authority (MTA) is facing the greatest challenge in its history. On March 1, 2020, New York City reported its first confirmed case of COVID-19, a highly contagious respiratory disease. In the weeks that followed, the caseload grew rapidly in New York City and the downstate region, and the novel coronavirus then spread across the nation. The MTA forecasts budget deficits of $3.4 billion in 2020, $6.3 billion in 2021, $3.8 billion in 2022, $2.8 billion in 2023 and $3.1 billion in 2024. The July Plan’s projected budget gaps are historic in nature. The gap in 2021 is 53 percent of total revenue. The post-2021 budget gaps as a percentage of revenue rival those during the Great Recession and are reliant on a return to 2019 ridership levels by 2023.
Date Issued: 
Thursday, October 1, 2020
Agency Reviewed / Investigated: 
State of New York
Submitting OIG-Specific Report Number: 
05-2021*
Location: 
NY
United States
Type of Report: 
Other
Professional Standard: 
Other
Questioned Costs: 
$0
Funds for Better Use: 
$0
Report File Link: 
https://www.osc.state.ny.us/files/state-agencies/audits/pdf/sga-2021-20s48.pdf

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